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20100901
20100930
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to the extent that things still use over-the-counter true for days the capital costs will be higher, reflecting the underlying risks, both counterparty and fundamental risks. so that's another incentive to put these instruments on exchanges. >> we have heard from the fed -- the federal reserve staff yesterday about interconnectivity of large financial institutions through their counterparty exposures and oct derivatives, contracts and that the relevance of that in assessing systemic risk of those institutions. and i wanted to ask you about lehman brothers, for example. and you have said if it had been -- you knew before it was allowed to fail as this failure would be catastrophic. in mr. baxter said yesterday that there was a significant concern beside it the otc derivatives market would be severely impact to pay the failure. was this a concern of yours with respect to lehman brothers? didn't also enter into your concerns about bear stearns and wachovia and other large institutions with concentrated derivatives positions? >> yes, it's not the only aspect of interconnectedness. there's a lot of
commercial banking system to underpin and facilitate this u.s. economy of ours which is so great. it is time that the largest financial institutions in my words experience a little more tough love. no one escapes. that is it say we should not be tough because they deserve a threshing, because we need sound, robust banks in this country. today, i have offered only a few examples of the complexity of the issues that lawmakers, regulators, and the financial industry face. as with any piece of legislation, some within the public believe it falls far short of its goal. others believe it goes far too far. for the moment, we must implement it as prescribed. it is the law. opponents who are working hard to weaken its implementation and struggling to find loopholes already. others are insisting that it be implemented quickly and without exception as to the broad rules outlined in the legislation. this is to be expected and is part of our political and our capitalistic system. for example, the resolution process that i mentioned includes provisions that could leave it susceptible to political consider
Search Results 0 to 2 of about 3 (some duplicates have been removed)